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Compare current 10-year refinance rates

On Friday, December 02, 2022, the national average 10-year fixed refinance APR is 5.94%. The average 10-year fixed mortgage APR is 5.97%, according to Bankrate's latest survey of the nation's largest refinance lenders.

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Current 10-year refinance rates

The table below brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive refinance rates. This interest rate table is updated daily to give you the most current rate when choosing a refinance home loan.

Product Interest Rate APR
10-Year Fixed 5.92% 5.94%
15-Year Fixed 5.91% 5.94%
20-Year Fixed 6.33% 6.35%
30-Year Fixed 6.55% 6.57%

Rates as of Friday, December 02, 2022 at 6:30 AM

Top 5 Bankrate 10-year refinance lenders

  • Cardinal Financial Company
  • Third Federal Savings and Loan Association
  • Interfirst Mortgage Company
  • Fairway Independent Mortgage Corporation
  • Sage Mortgage


Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.

When should you consider a 10-year refinance?

Refinancing to a 10-year loan makes sense when you’ve been paying off your mortgage for many years, or for homeowners who want to get really aggressive with their repayment. Refinancing into a 10-year mortgage can allow you to secure a lower interest rate without extending your repayment term.

Although rates can differ depending on the lender and your own finances, 10-year refinance rates are generally lower than other terms, like 15- or 30-year mortgages. However, you'll likely face a higher monthly payment, especially if you’re refinancing to a shorter repayment term.

Given the higher monthly payment, a 10-year refinance loan makes sense for homeowners with sufficient cash flow who want to be debt-free sooner, especially those who want to pay off their mortgage before retirement.

10-year refinance vs. other loan terms

A 10-year mortgage comes at the price of a higher monthly payment – longer loan terms have lower monthly payments. Depending on what term you refinance to, you might still save money. With a 15-year fixed-rate mortgage refinance, for example, your monthly payments would be lower than they would be with a 10-year loan, and the shorter term can still save you money on interest compared to a 30-year refinance.

If the monthly payments are too high on a 10-year or 15-year term, refinancing to a 20-year fixed-rate mortgage would also cut down your payments, and potentially to a more affordable level. A 20-year fixed-rate mortgage might also be a smart option if you have an adjustable-rate mortgage nearing the end of its initial term. Switching to a fixed rate would allow you more stability in your budget. Bear in mind that with a longer loan term, you’ll pay significantly more in interest over the life of the mortgage. A 30-year mortgage would give you the lowest possible monthly payment, but also cost more overall.

When is the right time to refinance?

The best time to refinance to a 10-year mortgage will depend on whether the potential savings outweigh the fees you’ll pay and other financial considerations. Keep in mind that you could be paying a higher monthly payment, so homeowners should look at their monthly budget to see if it’s possible to take this on.

In general, refinancing is a good idea for borrowers with adjustable-rate mortgages looking to stabilize their payments, or for homeowners looking to tap into their equity to fund other projects, like home improvement. You can refinance into any length of loan term, but a 10-year is best for borrowers who want to pay off their mortgage as soon as possible and have the resources to do so comfortably.

Keep in mind that 10-year mortgages tend to have high payments, so it’s important to look closely at your finances to decide if you can comfortably afford your new loan in addition to your other monthly expenses.

Also, be sure to look beyond the interest rate when refinancing. Lenders may charge appraisal, closing, origination or other types of fees to refinance. Your current lender could also assess penalties for paying off your loan early, so look into the fine print before proceeding.

One way to see whether refinancing makes sense is to calculate how much you’ll save in interest and subtract it from the fees you’ll pay. You’ll also want to take into consideration how long you plan on staying in your home to find the breakeven point after refinancing.

Pros and cons of a 10-year fixed-rate refinance

As with most mortgage refinances, overhauling your home loan only really makes sense if you can save money or tap your equity. If you’re considering a refi and aren’t sure what term makes sense for you, here are some things to consider:


  • Short repayment period means you’ll quickly own your home outright
  • 10-year loans tend to have lower interest rates than longer-term ones
  • fixed-rate mortgage has predictable monthly payments, making it easier to budget


  • High monthly payments compared to shorter-term loans
  • You could have to refinance again to lower your payments
  • Less flexibility in your monthly budget, reducing your ability to save

Alternatives to a 10-year refinance

If you’re considering a refi, remember you have options beyond the 10-year loan. For many borrowers, a longer repayment period makes more sense because of the lower monthly payments. 30-year mortgages are the most common type of home financing, and 15-year loans are popular, too.

If you’re planning to move in 10 years or less, a longer loan term could still make sense, because you can always pay more toward your principal balance voluntarily. That option gives you the flexibility of a lower monthly payment to fall back on if your financial situation changes.

You can also consider an adjustable-rate mortgage, which tends to have a lower initial interest rate than a standard fixed-rate loan and usually amortizes over 30 year. Keep in mind that the rate will fluctuate, which means your monthly payment will, too, after the initial fixed period ends.

Learn more about refinancing

Written by: Zach Wichter, mortgage reporter for Bankrate

Zach Wichter is a mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy.

Read more from Zach Wichter